The Daily Tribune
SEC fines online lenders over violations
The Securities and Exchange Commission (SEC) has imposed fines on two online lending firms for employing unfair collection tactics and providing misleading loan terms.
Link Credit Lending Investors Inc., operating as iPeso and Pesoin, was fined P1 million due to abusive collection practices, including sending insulting and threatening messages to borrowers and their emergency contacts.
The SEC's Financing and Lending Companies Department (FinLend) received over 200 complaints against Link Credit Lending, with four specific complaints forming the basis of the penalty.
Link Credit Lending was also warned that future violations could result in more severe penalties.
In a separate case, LHL Online Lending Inc., which operates as Pautang Online and Pautang Peso, was fined P129,000 for violating the Truth in Lending Act by failing to fully disclose loan terms.
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